Rug Radio Recap - January 8, 2023

gm! It was an exciting start to 2023 as we saw some volume return to the markets, several project announcements, and, of course, a little bit of drama.

Here's what we've got in this week's Recap...

• Rug Radio Updates

• SBF pleads not guilty and Bonkcoin hype

• Frank reveals more about the Polygon move

• Market summary

December 30th Town Hall

In case you missed it, we hosted our last Town Hall of 2022 where we shared our highlights for the past year and had a few DAO Council members talk about our the voting quorum amendment that passed on December 27, 2022!

Our next Town Hall will be on Friday, January 13 at 3pm EST!

Check out our Wiki!

A long overdue item was having one place to read ALL the info about Rug Radio, and we now have the Rug Radio Wiki. If you hear someone ask "WTF is Rug Radio?" - especially if it's Snoop Dogg - this should get them caught up and we'll continue to add more info to it!

PFP Mint Updates (!wen mint)

If you noticed the new colors in this newsletter, that's because our PFP designed in collaboration with Cory Van Lew is on track and we'll be making an announcement soon with more details!

A little update: Holders of $RDAO before 1:32pm EST on December 27th will receive one (1) free mint as a thank you for converting your $RUG to $RDAO and participating in governance.

On Saturday, we hosted our first monthly creators call

SBF pleads not guilty

• At his arraignment on Tuesday, SBF pleaded not guilty to all 8 counts relating to fraud, conspiracy, and campaign-finance violations.

• An additional bail condition was also proposed that would prohibit SBF from transferring any FTX or Alameda assets after funds belonging to Alameda were unexpectedly transferred just days after his bail.

• The Department of Justice is also in the process of seizing assets linked to FTX, including $450 million in Robinhood shares that are mostly controlled by SBF.

• The trial is to set to begin in early October, unless a motion to dismiss is filed and granted or SBF changes his plea.

What is Bonkcoin?

Similar to memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) on Ethereum, Bonkcoin (BONK) is a dog-themed memecoin on Solana. The launch of BONK likely contributed to a renewed interest in Solana causing SOL to rise nearly 70% since December 29, 2022 from a low of $8 to $13.35, at the time of writing.

• Out of the total supply of 100 trillion tokens, 50% were allocated as an airdrop to a variety of community members such as NFT collections, traders, artists, collectors, and developers.

• The Bonk account tweeted out "De" with a picture of dog surrounded by fire to which Frank responded as likely being a dunk on Degods for leaving Solana, yet showed his support for the ecosystem.

• A few hours after that Tweet, an allocation of 500 billion BONK tokens (worth ~$1 million at the time of writing) to the Degods team was burned.

• Magic Eden even joined in on the fun jokingly suggesting they would integrate BONK as a payment method on the marketplace.

• On Thursday, the Bonk account sent out another tweet stating that an allocation of 5 trillion tokens (worth $10 million at the time of writing) to the team was burned.

While the BONK token has some hype, it's just another memecoin that people can have some fun with such as playing around with the integrations. Have fun and stay safe fam!

After much speculation, Frank announced that DeLabs accepted a $3M grant to move y00ts to Polygon, which will primarily be used to expand the team.

As interest towards NFT.NYC wanes, Discord messages from the BAYC server announced that ApeFest 2023 will be exploring new locations.

Mastercard announced a partnership with Polygon to develop an accelerator program for musicians.

NFT Inspect announced that it would shut down on January 17, and received buying interest from several people including Solport Tom, who made an official offer. 

The Sappy Seals introduced their Meme Machine that allows holders to generate memes tailored to their specific NFT and start building IP.

Summary

• Price movements in crypto markets are still relatively tied to macro environment factors, and we saw positive economic data this week indicating inflationary pressures may be decreasing.

• Blur volume is likely inflated, and will continue to be until the airdrop at the end of January.

Sartoshi has returned...